India's forex reserves declines by $902 mn

Mumbai: India's foreign exchange reserves declined by $902 million during the week ended April 3. According to the RBI's weekly statistical supplement, the overall forex reserves decreased to $474.66 billion from $475.56 billion reported for the week ended March 27.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the Int ernational Monetary Fund (IMF). On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $547 million to $439.11 billion.

Similarly, the value of the country's gold reserves decreased by $340 million to $30.55 billion. The SDR value rose by $5 million to $1.42 billion. In addition, the country's reserve position with the IMF went down by $19 million to $3.56 billion.